CU SoCal's federally insured Individual Retirement Accounts (IRAs) allow you to plan for retirement by building your savings. IRAs offer either tax-deferred or tax-free earnings growth, until they are distributed, and some contributions may be tax-deductible.

CU SoCal also offers non-insured investment IRA options.

Features

• Tiered-dividends based on rate schedule
• Terms from 12 to 60 months

Requirements

• $25 minimum opening balance
• Unlimited contributions throughout term

Traditional IRA
A Traditional IRA can offer the possibility of tax deferral, with earnings remaining tax-sheltered until withdrawn. Your contributions may be fully or partially tax deductible, depending on your income level and participation in other benefit plans.

Roth IRA
Roth IRAs provide for tax-free withdrawals of contributions and earnings, assuming certain conditions are met. Contributions are not tax deductible, but withdrawals after age 59½ are tax free if the funds have been in the account for at least five years.

Coverdell Education Savings Accounts
The Coverdell Education Savings account helps individuals save for children's education costs from kindergarten through college. Parents, family members and others may contribute up to $2,000 annually for each child under the age of 18. Contributions are made with after-tax dollars. Withdrawals of earnings and contributions may be tax-free to the recipient if used for qualified education expenses such as tuition, fees, books and equipment required for college enrollment or attendance. Funds must be completely distributed by age 30.

To learn more about which IRA is right for you, contact us at 562.698.8326 or toll-free 866 CU SoCal, 866.287.6225.

Your future is secure, as IRAs are separately insured from your other savings accounts for up to $100,000 by the Nation Credit Union Administration (NCUA), a government agency. For specific tax advice, please see a tax professional.